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US elections, interest rates and Europe’s monetary independence
[Élections américaines, taux d’intérêt et indépendance monétaire de l’Europe]

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  • Benoît Mojon

Abstract

The ECB unconventional monetary policy has largely succeeded in decoupling nominal interest rates in the euro area from those in the United States since 2014, as warranted by their respective macroeconomic conditions. This has been especially true since the rise in US interest rates after the election of Donald Trump, particularly for rates up to 5 years. Les mesures de politique monétaire « non-conventionnelle » mises en œuvre par la BCE ont permis d’immuniser les taux d’intérêt européens des mouvements de taux observés aux États-Unis depuis 2014 et y compris depuis l’élection de Donald Trump. Ce découplage, qui est adapté aux circonstances macroéconomiques de la zone euro, est le plus marqué pour les taux de maturités inférieures à 5 ans, qui sont les plus sensibles à l’orientation de la politique monétaire.

Suggested Citation

  • Benoît Mojon, 2017. "US elections, interest rates and Europe’s monetary independence [Élections américaines, taux d’intérêt et indépendance monétaire de l’Europe]," Eco Notepad (in progress) 06, Banque de France.
    • Handle: RePEc:bfr:econot:06
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    File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/elections-americaines-taux-dinteret-et-independance
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